Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $750,000 $599,000 Cost of goods sold 468,750 394,741 Selling expenses 123,000 70,083 Administrative expenses 63,750 55,707 Income tax expense 37,500 23,361 Net income 57,000 55,108 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $750,000 % $599,000 % Cost of goods sold 468,750 % 394,741 % Gross profit 281,250 % 204,259 % Selling expenses 123,000 % 70,083 % Administrative expenses 63,750 % 55,707 % Total operating expenses 186,750 % 125,790 % Income before income taxes 94,500 % 78,469 % Income taxes expense 37,500 % 23,361 % Net income $57,000 % $55,108 %